The student loan interest deduction begins to phase out for taxpayers who are married filing jointly...
The student loan interest deduction begins to phase out for taxpayers who are married filing jointly with MAGI of __________. *
$120,000
$130,000
$140,000
$145,000
Homework Answers
The student loan interest deduction begins to phase out for taxpayers who are married filing jointly with MAGI of 1,30,000.
Further explanation : The deduction begins to phase out for single taxpayers when the modified adjusted gross income reaches $65,000 and is phased out completely when MAGI reaches $80,000. For married taxpayers, filing jointly the phase-out begins when MAGI reaches $130,000 and the deduction is completely eliminated when MAGI hits $160,000. You can't claim this deduction at all if you are married filing separately, or if you can be claimed as a dependent on someone else's return.
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The student loan interest deduction begins to phase out for
taxpayers who are married filing jointly...
The student loan interest deduction begins to phase out for taxpayers with MAGI in excess of
The student loan interest deduction begins to phase out for taxpayers with MAGI in excess of
Allan (77) and June (73) are retired, married filing jointly taxpayers who paid $9,483 in qualified medical and dental e...
Allan (77) and June (73) are retired, married filing jointly taxpayers who paid $9,483 in qualified medical and dental expenses in 2019. Their AGI is $52,792. If they were to itemize on Schedule A (Form 1040), how much would their medical and dental expense deduction be? a) $4,204 b) $5,279 c) $5,524 d) $9,483
This year, Jong paid $4,000 of interest on a qualified education loan. Jong files married filing jointly and reports mod...
This year, Jong paid $4,000 of interest on a qualified education loan. Jong files married filing jointly and reports modified AGI of $143,000. What is Jong's deduction for interest expense on an educational loan? Multiple Choice 2,250 3050 1500
Filing Status Exemption Phase-Out Begins at This Level of AMTI Phase-Out Complete for This level of...
Filing Status Exemption Phase-Out Begins at This Level of AMTI Phase-Out Complete for This level of AMTI Married filing jointly $111,700 $1,020,600 $1,467,400 Married filing separately 55,850 510,300 733,700 Head of household and single 71,700 510,300 797,100 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 19,400 10% of taxable income $ 19,400 S_78,950 $1,940 plus 12% of the excess over $19,400 $ 78,950 $168,400 $9,086 plus 22% of the...
Notes: in 2018 single taxpayers and married taxpayers who file separate returns can claim a $12,000...
Notes: in 2018 single taxpayers and married taxpayers who file separate returns can claim a $12,000 standard deduction. Married couples filing jointly can claim an amount that's twice as large, $24,000, and taxpayers filing as "head of household" (single individuals with dependents) can claim a standard deduction of $18,000. Question: Paul and Sonja, who are married, reported 2018 itemized deductions of $13,200 and $400, respectively. Paul suggests that they file their Federal income tax returns separately- he will itemize his...
Amira and Amir file as Married Filing Jointly and have 8 children who qualify for the...
Amira and Amir file as Married Filing Jointly and have 8 children who qualify for the child tax credit. Their MAGI is $210,000 and their tax liability is $12,500. Calculate their initial child tax credit and the amount of refund the couple will receive for 2019
This year, Jong paid $4,000 of interest on a qualified education loan. Jong files married filing...
This year, Jong paid $4,000 of interest on a qualified education loan. Jong files married filing jointly and reports modified AGI of $143,000. What is Jong's deduction for interest expense on an educational loan?
EXHIBIT 8-5 2019 AMT Exemptions Filing Status Exemption Phase-Out Begins at This Level of AMTI Phase-Out...
EXHIBIT 8-5 2019 AMT Exemptions
Filing Status
Exemption
Phase-Out Begins at This Level of
AMTI
Phase-Out Complete for This Level of
AMTI
Married filing jointly
$111,700
$1,020,600
$1,467,400
Married filing separately
55,850
510,300
733,700
Head of household and single
71,700
510,300
797,100
Required information [The following information applies to the questions displayed below.) Olga is married and files a joint tax return with her husband. What amount of AMT exemption may she deduct under each of the following alternative circumstances?...
Ashley and Stephen may file as married filing jointly with a standard deduction of $24,400 if...
Ashley and Stephen may file as married filing jointly with a standard deduction of $24,400 if they meet all of the following requirements for a common-law marriage EXCEPT: Their marriage was established in one of nine states that allow common-law marriage. They are both competent to marry. They refer to one another as husband and wife. They don't ever intend to get married.
Joanne and John are married with 4 children. They are filing taxes jointly. They have a...
Joanne and John are married with 4 children. They are filing
taxes jointly. They have a gross income of $159,147, and they made
the following tax-deductible purchases:
Charitable contributions: $2,660
Medical expenses: $9,375
Student loan interest: $1,158
Compute their final income tax using the information
below.
Round your answer to the nearest dollar.
Standard deduction for married filers: $24400
Married Individuals Filing Joint Returns and Surviving Spouses If Taxable income Is Between: The Tax Due is: 0 - $19,400 10%...
Filing Status Exemption Phase-Out Begins at This Level of AMTI Phase-Out Complete for This level of AMTI Married filing jointly $111,700 $1,020,600 $1,467,400 Married filing separately 55,850 510,300 733,700 Head of household and single 71,700 510,300 797,100 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 19,400 10% of taxable income $ 19,400 S_78,950 $1,940 plus 12% of the excess over $19,400 $ 78,950 $168,400 $9,086 plus 22% of the...
EXHIBIT 8-5 2019 AMT Exemptions
Filing Status
Exemption
Phase-Out Begins at This Level of
AMTI
Phase-Out Complete for This Level of
AMTI
Married filing jointly
$111,700
$1,020,600
$1,467,400
Married filing separately
55,850
510,300
733,700
Head of household and single
71,700
510,300
797,100
Required information [The following information applies to the questions displayed below.) Olga is married and files a joint tax return with her husband. What amount of AMT exemption may she deduct under each of the following alternative circumstances?...
Joanne and John are married with 4 children. They are filing
taxes jointly. They have a gross income of $159,147, and they made
the following tax-deductible purchases:
Charitable contributions: $2,660
Medical expenses: $9,375
Student loan interest: $1,158
Compute their final income tax using the information
below.
Round your answer to the nearest dollar.
Standard deduction for married filers: $24400
Married Individuals Filing Joint Returns and Surviving Spouses If Taxable income Is Between: The Tax Due is: 0 - $19,400 10%...
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